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    Trustmark (TRMK)

    Market Price (10/20/2026): $44.5 | Market Cap: $2.6 BilSector: Financials | Industry: Regional Banks

    Trustmark (TRMK)

    Market Price (10/20/2026): $44.5
    Market Cap: $2.6 Bil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.3%, FCF Yield is 6.9%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -76%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%

    Low stock price volatility
    Vol 12M is 21%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.

    Moderate capital ratio
    Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12%

    Key risks
    TRMK key risks include [1] its vulnerability to regional economic downturns due to a specific focus on the Southeast and [2] potentially lagging behind larger competitors in digital transformation and scale.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.3%, FCF Yield is 6.9%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -76%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%
    3 Low stock price volatility
    Vol 12M is 21%
    4 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.
    5 Moderate capital ratio
    Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12%
    6 Key risks
    TRMK key risks include [1] its vulnerability to regional economic downturns due to a specific focus on the Southeast and [2] potentially lagging behind larger competitors in digital transformation and scale.

    TRMK in ETFs

    Weight = TRMK's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.08%
    IJR0.15%
    VYM0.01%
    VB0.03%
    KRE0.60%
    AVUV0.23%
    +15 more covered ETFs

    Valuation & Metrics

    FYE: 12/31TRMK [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$699.4 Mil—
    FY 2026 Sales$851.5 Mil—
    FY 2027 Sales$907.0 Mil—
    FY 2026 Sales Growth21.7%—
    FY 2027 Sales Growth6.5%13.2%
    EARNINGS
    LTM Net Income (GAAP) [3]$234.3 Mil—
    FY 2026 Net Income (Non-GAAP)$241.6 Mil—
    FY 2027 Net Income (Non-GAAP)$263.0 Mil—
    FY 2027 Net Income Growth8.9%19.0%
    FY 2026 EPS (Non-GAAP)$3.98—
    FY 2027 EPS (Non-GAAP)$4.33—
    FY 2027 EPS Growth8.9%—
    VALUATION
    FY 2026 P/S3.11.7
    FY 2027 P/S2.9—
    FY 2026 P/E10.87.9
    FY 2027 P/E9.9—

    [1] TRMK forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    TRMKS&P 500
    REVENUE GROWTHFAIR
    Rev LTM ($ Bil)0.7
    Rev Chg Q3.9%9.3%
    Rev Chg LTM3.9%8.3%
    Rev Chg 3Y Avg12.6%5.9%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.2
    Net Inc LTM ($ Bil)0.2
    CFO/Rev LTM29.7%21.9%
    Net Inc Mgn33.5%13.3%
    VALUATIONLOW
    P/S3.73.1
    P/CFO12.515.0
    P/FCF14.619.6
    P/E11.122.9

    AI Analysis | Feedback

    MetricValueDateSource
    Assets under management and administration$9.4 billion12312024Link
    Brokerage assets$2.6 billion12312024Link
    Net Interest Margin3.51%12312024Link
    Tangible equity to tangible assets ratio9.13%12312024Link
    Total risk-based capital ratio13.97%12312024Link
    Efficiency Ratio63.8%6302024Link
    Net (recoveries) charge-offs / average loans0.1%6302024Link
    Noninterest-bearing deposits to total deposits20.4%6302024Link
    Loans HFI to total deposits85.1%6302024Link
    CET1 ratio10.92%6302024Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    Trustmark (TRMK) stock has lost about 5% since 6/30/2026 because of the following key factors:

    1. Strategic Balance Sheet Repositioning.

    Trustmark completed a $91.7 million sale-leaseback transaction on September 3, 2026, involving 34 branch properties, which generated a pre-tax gain of approximately $61.5 million. Concurrently, the company restructured its securities portfolio by selling lower-yielding assets and reinvesting in approximately $628.0 million of higher-yielding securities, recording a matching pre-tax loss of $61.5 million. This strategic move aimed to optimize capital allocation and enhance net interest margin, but the immediate offsetting nature of the transactions likely resulted in a neutral impact on the stock price during the period.

    2. Better-than-Expected Earnings Offset by Regional Banking Sector Headwinds.

    On July 28, 2026, Trustmark announced strong fiscal Q2 2026 earnings, reporting an Earnings Per Share (EPS) of $0.97, which surpassed analyst estimates of $0.96 by $0.01. Quarterly revenue also rose 4.8% year-over-year to $213.38 million, exceeding analyst expectations. While these positive company-specific financial results provided some support, they were likely counteracted by ongoing broader anxieties within the regional banking sector, including pressures from elevated interest rates and concerns over commercial real estate values, thus limiting significant upward stock movement.

    Show more
    Updated on 10/1/2026

    Trustmark (TRMK) stock has lost about 5% since 6/30/2026 because of the following key factors:

    1. Strategic Balance Sheet Repositioning.

    Trustmark completed a $91.7 million sale-leaseback transaction on September 3, 2026, involving 34 branch properties, which generated a pre-tax gain of approximately $61.5 million. Concurrently, the company restructured its securities portfolio by selling lower-yielding assets and reinvesting in approximately $628.0 million of higher-yielding securities, recording a matching pre-tax loss of $61.5 million. This strategic move aimed to optimize capital allocation and enhance net interest margin, but the immediate offsetting nature of the transactions likely resulted in a neutral impact on the stock price during the period.

    2. Better-than-Expected Earnings Offset by Regional Banking Sector Headwinds.

    On July 28, 2026, Trustmark announced strong fiscal Q2 2026 earnings, reporting an Earnings Per Share (EPS) of $0.97, which surpassed analyst estimates of $0.96 by $0.01. Quarterly revenue also rose 4.8% year-over-year to $213.38 million, exceeding analyst expectations. While these positive company-specific financial results provided some support, they were likely counteracted by ongoing broader anxieties within the regional banking sector, including pressures from elevated interest rates and concerns over commercial real estate values, thus limiting significant upward stock movement.

    3. Neutral Analyst Outlook and Price Targets.

    During fiscal Q3 2026, analyst consensus ratings for Trustmark remained largely neutral, with a "Moderate Buy" recommendation and an average 12-month price target of $47.38. This target was close to the stock's trading range, which saw Trustmark close at $46.01 on June 30, 2026, and $44.83 on September 30, 2026, with an interim high of $48.52 on August 5, 2026. This largely stable outlook from analysts, exemplified by Keefe, Bruyette & Woods maintaining a "market perform" rating with a price target increase to $50.00 on September 16, 2026, suggested limited near-term catalysts for substantial price appreciation or depreciation, contributing to the stock's relatively flat trend.

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    Stock Movement Drivers

    Fundamental Drivers

    The -2.7% change in TRMK stock from 6/30/2026 to 10/19/2026 was primarily driven by a -6.5% change in the company's P/E Multiple.
    (LTM values as of)630202610192026Change
    Stock Price ($)45.7644.51-2.7%
    Change Contribution By: 
    Total Revenues ($ Mil)6936991.0%
    Net Income Margin (%)32.7%33.5%2.4%
    P/E Multiple11.911.1-6.5%
    Shares Outstanding (Mil)59580.6%
    Cumulative Contribution-2.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/19/2026
    ReturnCorrelation
    TRMK-2.7% 
    Market (SPY)2.6%16.0%
    Sector (XLF)2.7%43.8%

    Fundamental Drivers

    The 6.8% change in TRMK stock from 3/31/2026 to 10/19/2026 was primarily driven by a 2.6% change in the company's Net Income Margin (%).
    (LTM values as of)331202610192026Change
    Stock Price ($)41.6744.516.8%
    Change Contribution By: 
    Total Revenues ($ Mil)6876991.9%
    Net Income Margin (%)32.6%33.5%2.6%
    P/E Multiple11.111.10.1%
    Shares Outstanding (Mil)60582.1%
    Cumulative Contribution6.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/19/2026
    ReturnCorrelation
    TRMK6.8% 
    Market (SPY)18.2%17.3%
    Sector (XLF)11.9%47.6%

    Fundamental Drivers

    The 15.0% change in TRMK stock from 9/30/2025 to 10/19/2026 was primarily driven by a 3.9% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202510192026Change
    Stock Price ($)38.7044.5115.0%
    Change Contribution By: 
    Total Revenues ($ Mil)6736993.9%
    Net Income Margin (%)32.3%33.5%3.8%
    P/E Multiple10.811.13.1%
    Shares Outstanding (Mil)60583.4%
    Cumulative Contribution15.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/19/2026
    ReturnCorrelation
    TRMK15.0% 
    Market (SPY)16.0%32.1%
    Sector (XLF)3.5%58.9%

    Fundamental Drivers

    The 122.3% change in TRMK stock from 9/30/2023 to 10/19/2026 was primarily driven by a 88.4% change in the company's Net Income Margin (%).
    (LTM values as of)930202310192026Change
    Stock Price ($)20.0244.51122.3%
    Change Contribution By: 
    Total Revenues ($ Mil)58369919.9%
    Net Income Margin (%)17.8%33.5%88.4%
    P/E Multiple11.811.1-5.8%
    Shares Outstanding (Mil)61584.4%
    Cumulative Contribution122.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/19/2026
    ReturnCorrelation
    TRMK122.3% 
    Market (SPY)85.5%49.2%
    Sector (XLF)73.3%66.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    TRMK Return22%11%-17%31%13%17%94%
    Peers Return34%14%-12%25%16%7%109%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    TRMK Win Rate58%50%42%58%58%60% 
    Peers Win Rate71%52%48%58%60%48% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    TRMK Max Drawdown-18%-23%-44%-13%-20%-9% 
    Peers Max Drawdown-23%-24%-44%-16%-26%-17% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: RF, HWC, PNFP, FHN, RNST.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/19/2026 (YTD)

    How Low Can It Go

    EventTRMKS&P 500
    2025 US Tariff Shock
      % Loss-17.9%-18.8%
      % Gain to Breakeven21.8%23.1%
      Time to Breakeven84 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-18.0%-9.5%
      % Gain to Breakeven21.9%10.5%
      Time to Breakeven37 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-30.9%-6.7%
      % Gain to Breakeven44.6%7.1%
      Time to Breakeven349 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-17.5%-24.5%
      % Gain to Breakeven21.2%32.4%
      Time to Breakeven77 days427 days
    2020 COVID-19 Crash
      % Loss-31.9%-33.7%
      % Gain to Breakeven46.8%50.9%
      Time to Breakeven347 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.1%-19.2%
      % Gain to Breakeven25.2%23.8%
      Time to Breakeven53 days105 days

    Compare to RF, HWC, PNFP, FHN, RNST

    In The Past

    Trustmark's stock fell -17.9% during the 2025 US Tariff Shock. Such a loss loss requires a 21.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventTRMKS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-30.9%-6.7%
      % Gain to Breakeven44.6%7.1%
      Time to Breakeven349 days31 days
    2020 COVID-19 Crash
      % Loss-31.9%-33.7%
      % Gain to Breakeven46.8%50.9%
      Time to Breakeven347 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.1%-19.2%
      % Gain to Breakeven25.2%23.8%
      Time to Breakeven53 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-25.7%-17.9%
      % Gain to Breakeven34.7%21.8%
      Time to Breakeven78 days123 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-21.4%-15.4%
      % Gain to Breakeven27.2%18.2%
      Time to Breakeven153 days125 days
    2008-2009 Global Financial Crisis
      % Loss-43.5%-53.4%
      % Gain to Breakeven77.1%114.4%
      Time to Breakeven65 days1085 days

    Compare to RF, HWC, PNFP, FHN, RNST

    In The Past

    Trustmark's stock fell -17.9% during the 2025 US Tariff Shock. Such a loss loss requires a 21.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Trustmark (TRMK)

    Trustmark Corporation (TRMK) is a bank holding company that provides a comprehensive suite of banking and financial solutions to individuals and corporate institutions across the United States. The company operates through three distinct segments: General Banking, Wealth Management, and Insurance, aiming to meet diverse financial needs.

    The General Banking segment forms the core of Trustmark's operations, offering essential services such as checking, savings, money market accounts, certificates of deposit, and individual retirement accounts. It also provides a wide array of financing options, including commercial and industrial loans, real estate financing for both income-producing and owner-occupied properties, construction and land development loans, and various installment and real estate loans for individuals. Additionally, this segment encompasses mortgage banking services, from construction financing and mortgage production to secondary market activities and mortgage servicing.

    Beyond traditional banking, Trustmark's Wealth Management segment delivers services like personal trust and estate administration, investment account management for individuals, employee benefit plans, and charitable foundations, as well as securities brokerage and financial planning. The Insurance segment offers business insurance products tailored for sectors such as medical professionals, construction, manufacturing, and hospitality, alongside life, health, and personal line policies for individual customers, rounding out the company's full-service financial offerings.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Trustmark (TRMK):

    • It's like a regional Truist or PNC, offering a broad suite of banking, wealth management, and insurance services.
    • Imagine a smaller U.S. Bank that serves a regional market with traditional banking, wealth management, and insurance products.

    AI Analysis | Feedback

    Trustmark (TRMK) offers a range of financial products and services, primarily categorized as follows:

    • Deposit Accounts: Provides checking, savings, money market, certificates of deposit, and individual retirement accounts.
    • Commercial Loans: Offers financing for commercial and industrial projects, income-producing real estate, owner-occupied real estate, and construction and land development.
    • Consumer Loans: Delivers installment loans, real estate loans, and lines of credit for individual customers.
    • Treasury Management Services: Supplies services to help businesses manage their cash flow and financial operations efficiently.
    • Mortgage Banking Services: Includes construction financing, origination of conventional and government-insured mortgages, secondary marketing, and mortgage servicing.
    • Wealth Management & Trust Services: Administers personal trusts and estates, manages investment accounts, and provides financial and estate planning.
    • Securities Brokerage: Facilitates the buying and selling of securities for individuals and institutions.
    • Commercial Insurance: Provides business insurance products and group life and health plans for various industries.
    • Personal Insurance: Offers life and health insurance, along with personal line policies for individual customers.

    AI Analysis | Feedback

    Trustmark (TRMK) provides banking and financial solutions to a broad and diverse customer base, encompassing both individuals and various types of corporate institutions and businesses. Given the nature of its services as a bank holding company, it does not typically have a concentrated list of named major customer companies. Instead, its major customers can be effectively described through the following categories:

    • Individual Customers: This group includes people seeking personal financial services such as checking, savings, and money market accounts; certificates of deposits and individual retirement accounts; installment and real estate loans, and lines of credit; mortgage banking services (including conventional and government-insured mortgages); wealth management and trust services (e.g., administration of personal trusts and estates); financial and estate planning; and personal life and health insurance policies.

    • Corporate Institutions and General Businesses: This category encompasses a wide array of companies and organizations that utilize Trustmark for commercial and industrial project financing, income-producing commercial real estate loans, owner-occupied real estate financing, construction and land development financing, treasury management services, management of investment accounts for employee benefit plans and charitable foundations, corporate trust and institutional custody, securities brokerage, and general business insurance products.

    • Specific Industry Businesses: Trustmark's insurance segment specifically caters to businesses within identified sectors such as medical professionals, construction, manufacturing, hospitality, and real estate. These customers receive specialized business insurance products and services tailored to their industry needs, as well as group life and health plans for their employees.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Duane A. Dewey, President and Chief Executive Officer

    Mr. Dewey was appointed President and Chief Executive Officer of Trustmark Corporation and Trustmark National Bank effective January 1, 2021. He has a distinguished 35-year career in the financial services industry, with 17 of those years at Trustmark. Prior to his appointment as CEO, he served as President and Chief Operating Officer of Trustmark National Bank. Mr. Dewey joined Trustmark in 2003 as President of the Investment Services Division. Before joining Trustmark, he was associated with Provident Financial Group for six years, where he held various executive management assignments, including Senior Vice President and Managing Director of Provident Financial Advisors. Earlier in his career, he spent thirteen years with Bank of America, directing a Private Client Group regional office and holding positions in Corporate Banking. He holds undergraduate and graduate degrees in Finance from Louisiana State University.

    Thomas C. Owens, Treasurer and Principal Financial Officer; Chief Financial Officer, Trustmark National Bank

    Mr. Owens currently serves as Treasurer and Principal Financial Officer of Trustmark Corporation and Chief Financial Officer of Trustmark National Bank, a position he assumed effective March 1, 2021. He succeeded Louis E. Greer upon Mr. Greer's retirement. Prior to this role, Mr. Owens served as Executive Vice President and Bank Treasurer of Trustmark National Bank since 2013.

    Granville Tate, Jr., Secretary; Chief Administrative Officer of Trustmark National Bank

    Mr. Tate serves as Secretary for the Boards of Directors of Trustmark Corporation and Trustmark National Bank. He also holds the position of Chief Administrative Officer of Trustmark National Bank. He previously served as Executive Vice President, Chief Risk Officer, and General Counsel of Trustmark National Bank.

    Robert Barry Harvey, Chief Credit and Operations Officer of Trustmark National Bank

    Mr. Harvey holds the title of Chief Credit and Operations Officer of Trustmark National Bank.

    Wayne Art Stevens, President, Retail Banking, Trustmark National Bank

    Mr. Stevens is the President of Retail Banking for Trustmark National Bank.

    AI Analysis | Feedback

    Key Risks to Trustmark (TRMK):

    1. Credit Risk and Economic Downturn: Trustmark's extensive lending activities, including commercial and industrial loans, various real estate loans (commercial, owner-occupied, construction, and land development), and mortgage banking, expose the company to significant credit risk. An economic downturn could lead to increased loan defaults, higher loan loss provisions, and reduced demand for new credit, directly impacting the company's asset quality and profitability.
    2. Interest Rate Fluctuations: As a bank holding company, Trustmark's financial performance is highly sensitive to changes in interest rates. Fluctuations in interest rates can affect the company's net interest margin (the difference between interest earned on assets and interest paid on liabilities), the volume of mortgage originations, and the value of mortgage servicing rights, thereby impacting its overall revenue and profitability.
    3. Intense Competition and Technological Disruption: Trustmark operates in a highly competitive financial services industry, facing competition from larger national and regional banks, credit unions, and non-bank financial institutions, including fintech companies. This competition, coupled with the ongoing need to invest in technology to meet evolving customer expectations and operational efficiencies, could impact the company's ability to attract and retain customers, grow deposits, originate loans, and maintain profitability across its general banking, wealth management, and insurance segments.

    AI Analysis | Feedback

    The proliferation of online-only banks and fintech companies threatens Trustmark's traditional deposit gathering, payment processing, and lending segments by offering lower fees, enhanced digital experiences, and faster services without the overhead of physical branches. Robo-advisors and commission-free online brokerage services directly compete with Trustmark's Wealth Management segment, offering low-cost, accessible investment solutions. Online mortgage lenders, specializing in fully digital mortgage origination, threaten Trustmark's Mortgage Banking segment by offering streamlined, often faster, and competitive alternatives. Finally, new insurance technology (Insurtech) companies leverage AI, data analytics, and digital platforms to offer more personalized, efficient, and often lower-cost insurance products, posing a threat to Trustmark's traditional insurance offerings.

    AI Analysis | Feedback

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    For Trustmark (TRMK), the addressable markets for their main products and services in the United States are as follows:

    • Retail Banking: The U.S. retail banking market size was valued at approximately USD 870 billion in 2025.
    • Commercial Banking: The U.S. commercial banking market size stood at approximately USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030.
    • Wealth Management (Private Banking segment): The U.S. private banking market was valued at approximately USD 59.54 billion in 2025.
    • Business Insurance: The United States commercial insurance market size reached approximately USD 294.6 billion in 2024.
    • Life and Health Insurance:
      • The United States health and medical insurance market is estimated at approximately USD 1.65 trillion in 2026.
      • The life insurance market in the United States is expected to reach a projected revenue of approximately USD 848.14 billion by 2027.
    • Personal Lines Insurance: Direct premiums written for personal lines of business (including homeowners, farmowners, and private auto) in the U.S. hit approximately USD 534.92 billion in 2024.
    • Mortgage Origination: The total single-family mortgage origination volume in the U.S. is expected to increase to approximately USD 2.2 trillion in 2026.
    • Mortgage Servicing: null
    ```

    AI Analysis | Feedback

    Trustmark Corporation (TRMK) is expected to drive future revenue growth over the next two to three years through several key strategies:

    1. Growth in Loans and Deposits: Trustmark anticipates mid-single-digit growth in both loans held for investment and deposits for the full year 2026. This consistent expansion of its core banking business is a fundamental driver of revenue, as indicated by management's outlook.
    2. Optimization of Net Interest Margin (NIM): The company forecasts its net interest margin to be in the range of 3.8% to 3.85% for the full year 2026, with net interest income also projected to increase by mid-single digits. Effective management of NIM, which is the difference between interest earned on assets and interest paid on liabilities, is crucial for enhancing net interest income.
    3. Expansion of Wealth Management Services: Trustmark's wealth management business has demonstrated strong performance, with revenue reaching an all-time high and increasing significantly year-over-year in recent quarters. This segment represents a growing source of non-interest income for the company.
    4. Strategic Talent Acquisition and Market Penetration: Trustmark is actively recruiting and adding established relationship managers and production talent to accelerate profitable growth in key markets across its franchise, including areas like Houston, Birmingham, and Atlanta. This organic growth initiative aims to deepen customer relationships and expand market share.
    5. Improved Performance in Mortgage Banking: Despite a challenging operating environment, Trustmark's mortgage business has shown increased production and significant improvements in profitability, with mortgage banking revenue rising substantially. Continued strong execution in this area is expected to contribute to revenue growth.

    AI Analysis | Feedback

    Share Repurchases

    • Trustmark's Board of Directors authorized a new stock repurchase program allowing for the acquisition of up to $100 million of its common shares from January 1, 2026, through December 31, 2026.
    • In 2025, the company repurchased $80 million, or approximately 2.2 million shares, of its common stock.
    • During the fourth quarter of 2025, Trustmark repurchased $43 million, or approximately 1.1 million shares, of its common stock.

    Share Issuance

    • In late 2025, Trustmark issued $175 million of 6.00% fixed-to-floating rate subordinated notes due 2035.
    • The net proceeds from this offering, approximately $173.1 million, were used to repay $125 million of existing subordinated notes due 2030, with the remainder allocated for general corporate purposes.

    Capital Expenditures

    • Trustmark Corp invested $3.5 million in capital expenditures in the fourth quarter of 2025.
    • The company continues to invest in technology and infrastructure to enhance efficiency and productivity.
    • Trustmark plans to leverage investments in technology to broaden its reach, enhance customer experience, and improve efficiency.

    Peer Outperformance in Regional Banks

    TRMK has outperformed 53% of its 264 Regional Banks peers over 5Y. Among the peers that beat it is MBIN. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that TRMK has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    33%
    of 286 industry peers · 21.4% return
    3Y
    81%
    of 276 industry peers · 133.4% return
    5Y
    53%
    of 264 industry peers · 56.2% return
    Regional Banks peers with revenue growth within 4pp of TRMK's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    TRMK Trustmark 12.6% 11.1x 21.4%133.4%56.2% —
    MBIN Merchants Bancorp 14.6% 8.1x 55.5%85.4%79.8% +24pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is TRMK's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 27.7%71.4%119.0% SPNT 174% · RNR 149% · RGA 147%
    Diversified Banks 12 29.7%140.5%87.0% CM 136% · JPM 124% · RY 121%
    Life & Health Insurance 20 13.4%59.3%80.6% JXN 472% · UNM 283% · MFC 176%
    Investment Banking & Brokerage 13 -12.1%99.2%70.7% IBKR 353% · SNEX 175% · GS 140%
    Multi-Sector Holdings 4 4.0%55.4%67.6% BRK-B 87% · VOYA 48% · JEF 27%
    Property & Casualty Insurance 42 13.3%78.9%65.8% TRV 173% · PGR 164% · ACGL 151%
    Multi-line Insurance 9 8.5%65.6%61.0% GNW 101% · L 95% · AIZ 87%
    Regional Banks ← 265 30.6%94.5%49.1% CBC 219% · FCNCA 156% · FBP 139%
    Financial Exchanges & Data 15 6.6%32.2%29.2% CBOE 160% · VIRT 156% · CME 66%
    Consumer Finance 30 5.5%83.5%21.1% ENVA 393% · EZPW 314% · FCFS 155%
    Insurance Brokers 15 -8.7%5.8%12.7% LIFE 343% · ARX 89% · AJG 64%
    Diversified Financial Services 4 -2.2%22.0%7.5% FRHC 164% · EQH 83%
    Asset Management & Custody Banks 83 -12.5%19.2%1.7% WT 292% · AAMI 254% · VCTR 248%
    Commercial & Residential Mortgage Finance 14 -58.8%23.7%-12.1% FNMA 258% · FMCC 236% · ACT 157%
    Specialized Finance 3 8.7%35.1%-13.0% CACC -13% · HASI -22%
    Mortgage REITs 34 -21.6%-4.6%-34.7% RITM 24% · DX 13% · AGNC 3%
    Transaction & Payment Processing Services 17 3.1%7.0%-40.1% V 79% · MA 75% · CPAY 46%
    Diversified Capital Markets 20 -48.0%12.8%-58.7% LPLA 86% · TW 39% · RIOT -55%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    Financials

    TRMKRFHWCPNFPFHNRNSTMedian
    NameTrustmarkRegions .Hancock .Pinnacle.First Ho.Renasant  
    Mkt Price44.5027.4972.5093.8722.7439.7142.10
    Mkt Cap2.623.55.914.210.83.68.3
    Rev LTM6997,6171,4623,3063,4261,0962,384
    Op Inc LTM-------
    FCF LTM1781,7505601,4351,017403788
    FCF 3Y Avg1762,1405578831,232224720
    CFO LTM2081,7785771,5361,059434818
    CFO 3Y Avg2052,2435719691,274247770

    Growth & Margins

    TRMKRFHWCPNFPFHNRNSTMedian
    NameTrustmarkRegions .Hancock .Pinnacle.First Ho.Renasant  
    Rev Chg LTM3.9%4.4%-0.2%88.5%10.5%42.0%7.5%
    Rev Chg 3Y Avg12.6%-0.3%0.3%37.8%1.2%19.7%6.9%
    Rev Chg Q3.9%0.1%6.8%146.1%6.7%2.5%5.3%
    QoQ Delta Rev Chg LTM1.0%0.0%1.8%26.9%1.6%0.6%1.3%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM29.7%23.3%39.5%46.5%30.9%39.6%35.2%
    CFO/Rev 3Y Avg34.1%30.6%40.0%44.3%39.9%28.2%37.0%
    FCF/Rev LTM25.5%23.0%38.3%43.4%29.7%36.8%33.2%
    FCF/Rev 3Y Avg28.9%29.2%39.0%39.9%38.5%25.5%33.9%

    Valuation

    TRMKRFHWCPNFPFHNRNSTMedian
    NameTrustmarkRegions .Hancock .Pinnacle.First Ho.Renasant  
    Mkt Cap2.623.55.914.210.83.68.3
    P/S3.73.14.04.33.23.33.5
    P/Op Inc-------
    P/EBIT-------
    P/E11.110.513.717.310.211.611.3
    P/CFO12.513.210.29.210.28.410.2
    Total Yield11.3%13.6%10.0%7.1%12.7%11.0%11.1%
    Dividend Yield2.3%3.9%2.7%1.3%2.9%2.4%2.5%
    FCF Yield 3Y Avg7.8%10.1%11.3%-12.7%7.8%10.1%
    D/E0.20.30.30.70.20.30.3
    Net D/E-0.8-1.20.1-1.1-0.6-0.6-0.7

    Returns

    TRMKRFHWCPNFPFHNRNSTMedian
    NameTrustmarkRegions .Hancock .Pinnacle.First Ho.Renasant  
    1M Rtn-4.7%-3.5%-3.3%-3.0%-5.0%-2.2%-3.4%
    3M Rtn-3.9%-10.7%-5.6%-5.1%-10.1%-7.6%-6.6%
    6M Rtn-0.4%-1.0%6.0%-3.6%-7.0%-1.0%-1.0%
    12M Rtn21.4%21.3%35.0%0.2%15.3%19.3%20.3%
    3Y Rtn133.3%117.1%136.8%0.2%137.4%75.8%125.2%
    1M Excs Rtn-4.8%-3.7%-3.4%-3.1%-5.1%-2.4%-3.5%
    3M Excs Rtn-6.0%-11.9%-6.8%-4.6%-12.2%-10.3%-8.5%
    6M Excs Rtn-8.2%-8.8%-1.7%-11.4%-14.7%-8.7%-8.7%
    12M Excs Rtn8.6%6.8%21.3%-15.4%1.7%5.5%6.1%
    3Y Excs Rtn48.3%15.5%46.6%-75.9%63.3%-9.2%31.0%

    Comparison Analyses

    null

    FDIC Bank Data

    Bank Assets

    FDIC Data As Of3312020
    ASSETS 
    Cash Balance ($ Bil)0
    Securities ($ Bil)3
    Net Loans ($ Bil)10
    Trading Assets ($ Bil)0
    Bank Premises Assets ($ Bil)0
    Other Real Estate Owned ($ Bil)0
    Goodwill & Intangibles ($ Bil)0
    Other Assets ($ Bil)1
    Total Assets (Sum) ($ Bil)14
    Total Assets (Reported) ($ Bil)14
    Risk Weighted Assets ($ Bil)11
    SECURITIES DETAILS 
    US Govt Securities ($ Bil)2
    Equity Securities Not Held for Trading ($ Bil)0
    Total Debt Securities ($ Bil)3
    Mortgage-Backed Securities ($ Bil)2
    SECURITIES VALUATION 
    Securities Held to Maturity (Book Value) ($ Bil)1
    Securities Available for Sale (Fair Market) ($ Bil)2

    Bank Loans

    FDIC Data As Of3312020
    LOAN DETAILS 
    All Real Estate Loans ($ Bil)7
    Farm Loans ($ Bil)0
    Commercial and Industrial Loans ($ Bil)1
    Loans to Individuals (CC, revolving credit, auto, other) (non-mortgage) ($ Bil)0
    Commercial Real Estate Loans not Secured by Real Estate ($ Bil)0
    Commercial Real Estate Owner-Occupied ($ Bil)1
    Commercial Real Estate Other Non-Farm Non-Residential ($ Bil)1
    Total Net Loans ($ Bil)10

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/5/20265/6/20262/23/202611/5/20258/5/20255/6/20252/19/202511/5/20248/6/20245/7/20242/15/202411/7/2023
    Key Financials Quarterly            
    Total Revenue177174176173170168169166-26147146147
    Net Income645658575654565174423634
    EPS1.090.950.970.940.920.880.920.841.210.680.590.56
    Key Financials TTM            
    Total Revenue TTM699693687680673477455432413588604570
    Net Income TTM23422722422321723522320318615716595
    Growth Rates Quarterly            
    Total Revenue Growth3.9%3.7%3.9%4.2%754.0%14.4%16.3%12.8%-117.5%-10.0%31.2%-8.5%
    Net Income Growth13.8%4.6%2.8%10.6%-24.4%29.1%55.9%50.8%63.9%-17.4%206.0%-19.8%
    Margins Quarterly            
    Net Income Margin35.9%32.3%32.9%32.9%32.8%32.0%33.3%31.0%-28.3%24.8%23.2%
    Cash & Debt            
    Total Cash2,3742,1902,3002,3046686202,2602,5312,4442,3092,7382,517
    Total Debt4095634994317826284286695637086291,021
    Net Debt / (Cash)-1,966-1,626-1,802-1,8731148-1,832-1,863-1,881-1,601-2,109-1,495
    Cash Flows Quarterly            
    FCF from Operations572758663882996017-5964106
    Cash Flows TTM            
    FCF from Operations TTM20818924428627925811782129136197201
    Returns to Shareholders Quarterly            
    Dividends151515151515141414141414
    Share Repurchases21204314111581-0-000
    Return on Invested Capital (ROIC) Quarterly            
    ROIC----97.4%186.6%------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM----94.7%47.3%------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    General Banking750518660606551
    Wealth Management5043414041
    Insurance    49
    Total800561701646640


    Operating Income by Segment
    $ Mil20152014201320102009
    General Banking136149125130123
    Insurance97777
    Wealth Management66767
    Total151162139143137


    Net Income by Segment
    $ Mil20252024202320222021
    General Banking2123714555131
    Wealth Management128867
    Insurance    9
    Total2244515361147


    Assets by Segment
    $ Mil20252024202320222021
    General Banking18,71117,93818,46917,72517,275
    Wealth Management214214185214233
    Insurance    87
    Total18,92518,15218,65517,93917,596


    Price Behavior

    Price Behavior
    Market Price$44.51 
    Market Cap ($ Bil)2.6 
    First Trading Date03/03/1992 
    Distance from 52W High-7.8% 
       50 Days200 Days
    DMA Price$46.03$44.16
    DMA Trenddownup
    Distance from DMA-3.3%0.8%
     3M1YR
    Volatility17.1%20.9%
    Downside Capture33.3946.73
    Upside Capture11.5665.21
    Correlation (S&P 500)13.2%29.7%
    TRMK Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta-0.150.100.260.260.560.89
    Up Beta-1.270.510.400.180.450.91
    Down Beta-0.49-0.29-0.14-0.120.630.94
    Up Capture-12%-14%23%35%51%77%
    Bmk +ve Days6162766132424
    Stock +ve Days7172965127376
    Down Capture31%35%43%42%62%93%
    Bmk -ve Days16263760120328
    Stock -ve Days15253561125370

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with TRMK
    TRMK24.3%20.9%0.93-
    Sector ETF (XLF)7.7%14.4%0.2854.9%
    Equity (SPY)17.1%12.7%0.9529.3%
    Gold (GLD)-4.2%29.3%-0.153.5%
    Commodities (DBC)52.6%20.7%1.93-18.6%
    Real Estate (VNQ)3.9%13.7%0.0339.6%
    Bitcoin (BTCUSD)-24.8%43.7%-0.5315.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with TRMK
    TRMK9.3%28.5%0.32-
    Sector ETF (XLF)9.1%18.3%0.3662.1%
    Equity (SPY)13.5%17.1%0.6047.5%
    Gold (GLD)18.3%18.9%0.78-1.6%
    Commodities (DBC)9.8%19.5%0.386.1%
    Real Estate (VNQ)1.3%18.8%-0.0447.7%
    Bitcoin (BTCUSD)7.2%51.8%0.3220.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with TRMK
    TRMK8.0%30.5%0.31-
    Sector ETF (XLF)12.9%22.1%0.5372.1%
    Equity (SPY)15.3%17.9%0.7254.0%
    Gold (GLD)12.2%16.4%0.61-6.8%
    Commodities (DBC)8.3%18.1%0.3715.9%
    Real Estate (VNQ)5.1%20.7%0.2148.8%
    Bitcoin (BTCUSD)63.0%66.2%1.0314.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity3.4 Mil
    Short Interest: % Change Since 91520261.8%
    Average Daily Volume0.4 Mil
    Days-to-Cover Short Interest7.8 days
    Basic Shares Quantity58.5 Mil
    Short % of Basic Shares5.8%

    Returns Analyses

    Earnings Returns History

    Updated 8/28/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/28/20260.3%3.7%-1.1%
    4/28/2026-2.7%-1.6%-3.0%
    1/27/20262.4%5.4%8.1%
    10/28/2025-1.9%-3.2%1.0%
    7/22/2025-1.0%-2.3%-0.5%
    4/22/20250.2%0.9%3.3%
    1/28/20252.4%3.5%-0.5%
    10/22/2024-0.2%1.7%9.2%
    ...
    SUMMARY STATS   
    # Positive101211
    # Negative141213
    Median Positive2.4%3.6%8.1%
    Median Negative-2.5%-2.8%-1.3%
    Max Positive8.1%10.7%12.1%
    Max Negative-13.5%-11.8%-8.8%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/28/20260.3%3.7%-1.1%
    4/28/2026-2.7%-1.6%-3.0%
    1/27/20262.4%5.4%8.1%
    10/28/2025-1.9%-3.2%1.0%
    7/22/2025-1.0%-2.3%-0.5%
    4/22/20250.2%0.9%3.3%
    1/28/20252.4%3.5%-0.5%
    10/22/2024-0.2%1.7%9.2%
    7/23/2024-2.4%1.3%-8.3%
    4/23/20246.6%7.4%9.7%
    1/23/2024-1.3%0.9%-4.1%
    10/24/2023-5.7%-1.2%11.8%
    7/25/20238.1%10.7%-1.2%
    4/25/20233.5%-3.0%-5.6%
    1/24/2023-13.5%-11.8%-8.8%
    10/25/20220.7%7.2%6.5%
    7/26/20223.6%5.7%6.2%
    4/26/20220.0%-2.0%-0.5%
    1/25/2022-3.2%-3.1%-7.9%
    10/26/2021-7.5%-2.6%-1.3%
    7/27/2021-2.1%-3.7%8.4%
    4/27/2021-1.6%-1.1%-0.1%
    1/26/2021-5.8%-7.3%3.5%
    10/27/2020-2.6%2.8%12.1%
    SUMMARY STATS   
    # Positive101211
    # Negative141213
    Median Positive2.4%3.6%8.1%
    Median Negative-2.5%-2.8%-1.3%
    Max Positive8.1%10.7%12.1%
    Max Negative-13.5%-11.8%-8.8%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/23/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/19/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/07/202410-Q
    12/31/202302/15/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/08/202310-Q
    12/31/202202/16/202310-K
    09/30/202211/03/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/23/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/19/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/07/202410-Q
    12/31/202302/15/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/08/202310-Q
    12/31/202202/16/202310-K
    09/30/202211/03/202210-Q
    06/30/202208/04/202210-Q
    03/31/202205/05/202210-Q
    12/31/202102/17/202210-K
    09/30/202111/04/202110-Q
    06/30/202108/05/202110-Q
    03/31/202105/06/202110-Q
    12/31/202002/18/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/08/202010-Q
    12/31/201902/20/202010-K
    09/30/201911/07/201910-Q

    Recent Forward Guidance

    Updated 10/8/2026

    Latest: Q2 2026 Earnings Reported 7/28/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Share RepurchasesReported 100.00 Mil 0 AffirmedGuidance: 100.00 Mil for 2026


    Prior: Q1 2026 Earnings Reported 4/28/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Stock Repurchase ProgramReported 100.00 Mil 0 AffirmedGuidance: 100.00 Mil for 2026

    Q4 2025 Earnings Reported 1/27/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Share RepurchasesReported 100.00 Mil 0 AffirmedGuidance: 100.00 Mil for 2025

    Insider Activity

    Updated 9/2/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Eduardo, Marcelo L DirectSell902202645.6353024,187438,552Form
    2Conerly, Tracy T DirectSell1105202537.228,000297,720499,463Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Eduardo, Marcelo L DirectSell902202645.6353024,187438,552Form
    2Conerly, Tracy T DirectSell1105202537.228,000297,720499,463Form

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    Core Cache Last Updated: 10/19/2026